Fed Chair Powell announces the Fed has cut interest rates by .25%, down to 4.25%. This was the third interest rate cut for the year.

The Federal Reserve just cut interest rates, but don’t get used to falling borrowing costs: they’re likely to stay where they are for at least the next couple of months.

As widely expected, the Fed’s policy committee lowered its influential federal funds rate by a quarter point Wednesday, bringing it to a range of 4.25% to 4.5%, the lowest since February 2023.” It was the third time the Fed cut the rate this year, bringing it down from the two-decade high it had held for more than a year to push inflation down. The rate, which influences interest rates on all kinds of loans, remains higher than typical pre-pandemic levels, and Fed officials indicated it’s likely to stay that way for a while.

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Fed Chair Powell announces the Fed has cut interest rates by .25%, down to 4.25%